The United States precious metals market is projected to exhibit a growth rate (CAGR) of 8.0% during 2023-2028. The growing product demand among investors, increasing product utilization in various industrial applications, widespread product utilization in jewelry and luxury goods, and rising consumer demand for ethical sourcing represent some of the key factors driving the market.
Precious metals encompass elements such as gold, silver, platinum, palladium, and rhodium. They are naturally occurring metallic substances recognized for their significant economic worth due to their scarcity, robustness, and wide-ranging industrial utilization. The production of precious metals involves multiple steps comprising mining, extracting, refining, and forming into assorted shapes and structures. They are extensively used in jewelry, electronics, coin production, financial investment, dental procedures, automotive, pharmaceuticals, medical instruments, aircraft, satellites, glassmaking, photography, and renewable energy generation. These metals are renowned for their strength, longevity, visual appeal, electrical conductivity, malleability, reflectivity, thermal stability, biocompatibility, and superior corrosion resistance. In addition, precious metals serve as effective financial tools, offering protection against inflation, enhancing portfolio diversification, ensuring economic stability in downturns, and enjoying universal recognition.
United States Precious Metals Market Trends:
The growing product demand among investors, as they offer a sense of security and a hedge against inflation, is propelling the market growth. Furthermore, the significant growth in the electronics, automotive, and aerospace industries that rely heavily on these metals for their superior conductivity and corrosion resistance is contributing to the market growth. Apart from this, the rising emphasis on green energy solutions is facilitating product demand as they are extensively used in manufacturing photovoltaic cells that are utilized in solar panels. Additionally, the increasing product application in the manufacturing of jewelry and luxury goods, such as watches, chains, cufflinks, bracelets, wedding rings, necklaces, earrings, pins, anklets, and hair accessories, is boosting the market growth. Moreover, the rising product adoption in various industrial applications, such as the manufacturing of catalytic converters, semiconductors, and medical devices, is strengthening the market growth. Apart from this, the implementation of various policies by the Government of the United States of America to buy, sell, or hold precious metals as reserves, which, in turn, influence the product price in the market, is acting as another growth-inducing factor. Besides this, the growing consumer demand for ethically sourced precious metals that are extracted in a responsible manner using sustainable practices is positively influencing the market growth. In addition, widespread product utilization in healthcare applications, such as radiology instruments and dental fillings, is supporting the market growth. Other factors, including rising expenditure capacities of consumers, extensive research and development (R&D) activities, and emerging product applications, are anticipated to drive the market growth.
United States Precious Metals Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the United States precious metals market report, along with forecasts at the country level for 2023-2028. Our report has categorized the market based on metal type and application.
Metal Type Insights:
The report has provided a detailed breakup and analysis of the United States precious metals market based on the metal type. This includes gold, silver, platinum, palladium, and others. According to the report, gold represented the largest segment.
A detailed breakup and analysis of the United States precious metals market based on the application has also been provided in the report. This includes jewelry, investment, electricals, automotive, chemicals, and others. According to the report, investment accounted for the largest market share.
The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West. According to the report, Midwest was the largest market for precious metals.
The report has also provided a comprehensive analysis of the competitive landscape in the United States precious metals market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
United States Precious Metals Market Report Coverage:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Metal Type
|Metal Types Covered
||Gold, Silver, Platinum, Palladium, Others
||Jewelry, Investment, Electricals, Automotive, Chemicals, Others
||Northeast, Midwest, South, West
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2699
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Corporate License: US$ 4699
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the United States precious metals market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the United States precious metals market?
- What is the breakup of the United States precious metals market on the basis of metal type?
- What is the breakup of the United States precious metals market on the basis of application?
- What are the various stages in the value chain of the United States precious metals market?
- What are the key driving factors and challenges in the United States precious metals market?
- What is the structure of the United States precious metals market and who are the key players?
- What is the degree of competition in the United States precious metals market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States precious metals market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the United States precious metals market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States precious metals industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.